Country Analysts

Francisco de Paula Gutiérrez
Former Finance Minister and Central Bank President
Felix Delgado
General Manager, Central Bank

In The News


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Recent Country Insights

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Guatemala: New broom in town
CENTRAL AMERICA - Report 28 Jan 2020
Guatemala. President Alejandro Giammattei´s January 14th inauguration speech contained a strong call for action against violence and corruption. He labeled the “maras” and gangs “terrorist groups,” saying the time had come to end the violence, a major factor affecting investment. He also argued ...

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COSTA RICA: A push to stabilize finances, and confidence
CENTRAL AMERICA - Report 19 Dec 2019
Costa Rica’s new finance minister Rodrigo Chaves took office November 26th, with a mandate to improve fiscal sustainability, as a requisite for maintaining macroeconomic stability. He considers rebuilding the confidence required to accelerate economic growth an important outcome of sound public f...

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EL SALVADOR: They still love him – weak economy and all
CENTRAL AMERICA - Report 25 Nov 2019
El Salvador experienced deflation in October, for the third month in a row, while core inflation has remained at virtually zero for the past 12 months. Economic activity continued to gradually slow, as merchandise exports fell, and foreign remittances and lending to the private sector were depres...

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Costa Rica: Central Bank cuts its monetary policy rate.
CENTRAL AMERICA - In Brief 31 Oct 2019
In its October 30th meeting, the Central Bank board cut its monetary policy rate from 3.75% to 3.25%. It is the sixth cut of the rate during this year, taking it from 5.25% as of March 21, 2019 to 3.25%. The decision was justified partially by the slowdown observed in the world economy and the po...

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​Costa Rica: Rodrigo Chaves designated as Finance Minister
CENTRAL AMERICA - In Brief 30 Oct 2019
Rodrigo Chaves, who was serving as country director of the World Bank Indonesia since August 2003, has been designated today as the new Finance Minister of Costa Rica, to substitute Rocío Aguilar, who resigned last week. Chaves, who holds a Ph.D. in Economics from Ohio State University, has been ...

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GUATEMALA: Downside risks rising
CENTRAL AMERICA - Report 30 Oct 2019
As Guatemala’s president-elect Alejandro Giammattei and his team prepared to take over the Executive Branch in January, an early October meeting with a visiting IMF mission addressed the state of the economy, and challenges ahead. Though the mission reaffirmed its 3.4% GDP growth estimate for 201...

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Minister of Finance resigns
CENTRAL AMERICA - In Brief 23 Oct 2019 1 response
The Finance Minister Ms. Rocio Aguilar resigned irrevocably today. Her resignation is not surprising for us. We have been criticizing the government ambivalence in several specific issues related to fiscal discipline and the principles promoted and defended by Ms. Aguilar. Two events were announc...

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Costa Rica´s fiscal rule. A correction
CENTRAL AMERICA - Report 06 Oct 2019
In our September 30th Monthly Report we indicated that, in defining the Fiscal Rule, the Ministry of Finance considered the final budget allocation, which includes allocations done after the approval of the original budget. That statement was not correct. The compliance with the fiscal rule was ...

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El SALVADOR: Improvement likely in 2020
CENTRAL AMERICA - Report 30 Sep 2019
El Salvador has this year been suffering the combined effects of the political campaign that put President Nayib Bukele in office starting June 1, 2019, and from adverse international economic conditions, with worsening perspectives for 2020. Uncertainty and poor expectations for consumers and in...

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